CO129-555-2 Estimates 1936 30-8-1935 - 29-1-1937 — Page 80

2.

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in revenue has been estimated for, and the figure for the

year has been put at $26,671,845. Part of this is

attributable to a reduction in excess water charges amounting

to some six lakhs, as the existing scale was felt to be

bearing too hardly on the poorer sections of the public.

Apart from this there has been no other change in the

existing basis of taxation, either upward or downward.

4. It is estimated that the surplus balances will on 1st January, 1936, amount to $12,095,789. In accordance

with the instructions given by your predecessors to maintain

surplus balances at a figure of $10 million, there should

thus be available for expenditure from surplus balances next year a sum of $2,095,789. This added to the estimated

revenue figure of $26,671,845 gives a total of $28,767,634

available for expenditure.

5.

At such a figure it might be thought that, as the revised estimated expenditure (exclusive of $460,000

for the Naval Arsenal Yard and Kellet Island) for the

current year is only $28,021,000, there should be no great

difficulty in balancing the Budget for 1936. But whereas

s.d.

the revised estimated expenditure figures for this year are based on a 2/- dollar, the estimates for next year

have been based on a 1/8d. dollar, and on the Colony's

sterling expenditure of about £750,000 a fall of four

pence represents a difference of $1 millions.

6.

In framing the estimates of expenditure it

was essential therefore that the utmost economy should be

exercised. This was possible, and was done, in the case

of the departmental estimates, but in the case of Public Works Extraordinary it was possible only to a limited

extent, owing to the large number of major commitments.

As a final result the Estimates show a grand total of

expenditure

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